Dan Loeb's Third Point returned 1.2% net in the fourth quarter of 2022 and -21.7% for the full year, according to a copy of its fourth quarter letter that ValueWalk has been able to review.
Since its inception in December 1996, Third Point has produced an annualized return of 16% for its investors compared to 9.5% for the S&P 500 Total Return Index and 7.4% for the Credit Suisse High Yield Event-Driven Index.
Assets under management stood at $12.6 billion at the end of the year.
Defensive Positioning Holds Back Returns
In its end-of-year letter to investors, Third Point notes that its performance lagged behind the broader market during the final three months of the year due to its "defensive portfolio orientation."
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